marilyn cohen is the founder of bond investment firm envision capital management. she joins us from los angeles. so, marilyn, with the raleigh we've seen lately in-- with the rally in fixed income, still good val-- value for investors. >> i don't think they are good value because the nominal yields, the actual yield that you can earn is pretty darn low. if you want to buy a aaa ten year bond you get a paltry 2.3%. that really isn't that enticing. >> tom: but the argument is after considering the tax exemption status that is a much higher yield then say, investing, in government debt. >> and that's a good argument. but here the big but. the municipal bond issuance is down about 40% this year. so not only do u have state, cities and counties kind of stretched financially, very, very limited new issuance and the demand continues to artificialically hold prices up and yields down. >> tom: so if you don't think that moneyies still provide a bit of value for investors would you sell the municipal bonds if you own them? >> no, i would hold on to them but make sure that th

local municipalities in california and florida recently downgraded, we'll talk muni-bonds with marilyn cohen c.e.o. of envision capital management. >> susie: royal dutch shell has finally managed to stop an oil leak in the north sea off the coast of scotland. more than 200-tons of crude oil are believed to have spilled in the week since an underwater pipe burst on one of its oil platforms. shell says another 600 tons of oil remain stuck in the pipe and removing that oil is the next step in the clean up process. >> tom: uncle sam will soon be back in the business of selling permits for oil exploration. the interior department said today it will hold an auction this december for tens of millions of acres in the western gulf of mexico. its the first permit auction since b.p.'s massive gulf oil spill last year. that disaster led to a flood new regulations and a ban on new permits. the interior department wants a minimum of $100 per acre for the drilling rights. its previous minimum was $37.50 an acre. >> tom: every day this month the dow jones industrial average has seen a trading range of at le